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Morning Coffee Pre-Market Wall Street News

189 views  2012-12-04 08:28

Qualcomm to Invest in Sharp. Reports say that Qualcomm (QCOM) will invest into troubled Sharp (SHCAY). Qualcomm will invest $120 million with an initial ¥4.93B ($59.9M) by the end of the year. The initial investment represents a 2.6% stake in Sharp, while the remainder will be invested by March. The companies will jointly develop new displays based on Sharp's IGZO technology. QCOM Pre-market: 63.30 -0.07 (-0.11%)

Upgrades

Public Storage (PSA): Cantor Fitzgerald raised their rating from Hold to Buy and raised their target price from $143.50 to $160.00.

Whole Foods Market (WFM): Northcoast raised their rating from Neutral to Buy. Pre-market: 91.90 -0.51 (-0.56%)

Smithfield Foods (SFD): BB&T raised their rating Hold to Buy and placed a target price of $28.00 on the company.

Downgrades

Cott (COT): Stifel Nicolaus lowered their rating from Buy to Hold.

Coverage Initiated

Caribou Coffee (CBOU): Longbow initiated coverage with a Buy rating and target price of $17.00.

Royal Bank of Canada (RY): Citigroup initiated coverage with a Buy rating and target price of $67.00.

Flowserve (FLS): KeyBanc Capital Markets initiated coverage with a Buy rating and target price of $160.00.

Corning (GLW): Bernstein initiated coverage with an Outperform rating and target price of $15.20. Pre-market: 12.23 +0.08 (0.66%)

Tree House Foods (THS): Longbow initiated coverage with a Buy rating and target price of $63.00.

Earning Reports

Pep Boys (PBY): Reported EPS of -$0.13 missing estimates by -$0.28. Pre-market: 9.92 -0.76 (-7.12%)

AutoZone (AZO): Reported EPS of $5.41 beating estimates by +0.06. Pre-market: 373.84 -4.17 (-1.10%)

Big Lots (BIG): Reported EPS of -$0.10 beating estimates by +0.15. Pre-market: 30.20 +2.16 (7.70%)

Toll Brothers (TOL): Reported EPS of $0.35 beating estimates by +0.10. Pre-market: 33.75 +1.32 (4.07%)

Vail Resorts (MTN): Reported EPS of -$1.70 missing estimates by -$0.11. Pre-market: 51.75 -4.09 (-7.32%)

Markets: 
Futures at 7:28: Dow +0.08%. S&P +0.12%. Nasdaq +0.11%. Crude -1.12% to $88.09. Gold -1.07% to $1702.60.

Europe: London +0.02%. Paris +0.71%. Frankfurt +0.26%. 

Asia: Japan -0.27% to 9432. Hong Kong +0.15% to 21800. China +0.78% to 1975. India +0.22% to 19348. 

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